No, there is no new version as such. And it can be tricky to install the game on a newer computer, but there are a couple of tools to make that easier. First is the Quick and Easy Grim Fandango installer/launcher which works better than the original in installing, patching and launching the game. There is another installer which does essentially the same job although I haven't ever used it, so technically I can't recommend it (although I also know of nothing against it).

Another option is Residual, which is kind of like ScummVM (and was originally a ScummVM subproject). It's an interpreter for Grim Fandango, replacing the original executable and requiring only the game data files. Residual is a better option because it is new software and runs better on a newer computer than the game's now-fourteen-year-old executable, but Residual hasn't even yet reached beta status. The game is completely playable, but there are a lot of mostly-graphical glitches, although there don't seem to be any more show-stoppers. It's also a little tougher to set up the game than using one of the new installers, but if you happen to be familiar with ScummVM then you already have the basic idea of what's involved with Residual.